LIC likely to withdraw plaint against Leelaventures, making way for Brookfield deal

WebDesk BTVI

May 10 2019

Sources say that LIC, a minority shareholder (around 2%), is likely to withdraw its complaint against Leelaventures. This will help Leelaventures-Brookfield deal to go through and arrive at a resolution plan. Sebi had put a hold on the deal after LIC and ITC filed complaints for alleged oppression and mismanagement. LIC will file the withdrawal application at the NCLT during next hearing on June 18.